Posted by Eldon (WA) on January 17, 2014 at 18:35:17 from (98.225.11.231):
My wife and I are planning to pay off her parent's home equity loan in order for them to avoid forclosure. We are taking title to the property in return. They are 71 years old. Are there any legal aspects of this sale that we should be aware of? The property is probably worth 2-3 times what we are paying for it. Would we be ahead to pay off the loan and have them "gift" it to us? Anyone else been in this situation?
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Today's Featured Article - Memories of a Farmall C - by Monty Bradley. When I was a child, my grandparents lived on a farm owned by a Mr. Walters. The crops raised were cotton and soybeans, with about forty head of mixed breed cattle. Mr. Walters owned two tractors then. A Farmall 300 on gasoline and a Farmall C, that had once belonged to his father-in-law, and had been converted from gasoline to LP Gas. Many times, as a small boy, I would cross the fence behind the house my grandparents lived in and walk down the turn row to where granddaddy would be cultivati
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